SOURCE: National Association of Chemical Distributors

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June 25, 2015 13:07 ET

NACD Welcomes House Passage of Generalized System of Preferences Renewal

ARLINGTON, VA--(Marketwired - June 25, 2015) - Today, National Association of Chemical Distributors (NACD) President Eric R. Byer praised the U.S. House of Representatives in the following statement for passing the Trade Preferences Extension Act of 2015 (H.R. 1295) renewing through December 2017 the Generalized System of Preferences (GSP) program that expired in July 2013.

"Following yesterday's approval in the Senate, today's passage of H.R. 1295 in the House brings back an important piece of our international trade agenda. In 2012, the GSP program saved American businesses $749 million in tariffs. Without it, importers are paying an estimated $2 million a day in new taxes on 3,400 different products.

"NACD members, and many small businesses, rely on the GSP program. Its expiration has had a significant impact on their operations, preventing companies from expanding their facilities and hiring new employees. NACD praises both the House and Senate for approval of this critical provision, and urges President Obama to quickly sign this important legislation into law."

NACD and its over 440 member companies are vital to the chemical supply chain providing products to over 750,000 end users. NACD members are leaders in health, safety, security, and environmental performance through implementation of Responsible Distribution, established in 1991 as a condition of membership and a third-party verified management practice. For more information, visit www.NACD.com.

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